Installment Loan

An installment loan is a type of loan that is repaid in regular, fixed payments (installments) over a specified period. These loans can be secured or unsecured and are commonly used for financing large purchases, such as vehicles, homes, or personal expenses. Each installment typically includes both principal and interest, with the loan balance decreasing over time. 

Installment loans provide borrowers with predictable payments, making them a popular choice for managing large expenses.